Henry Farrell and John Quiggan make a pretty fundamental point about Keynesian economics -- it's not a mandate for larger government or larger deficits in general: Contrary to the beliefs of nearly all anti-Keynesians—and, regrettably, some Keynesians, too—Keynesianism demands more, not less, fiscal rectitude in normal times than does the orthodox theory of balanced budgets that underpins the EU. John Maynard Keynes argued that surpluses should be accumulated during good years so that they could be spent to stimulate demand during bad ones.
From the moment the Soviet Union collapsed, NATO’s future was in question. While it had been the most successful multinational alliance in history, partnerships of that sort seldom survive once their enemies are gone. As the Berlin Wall came down and Stalin’s empire shattered, NATO’s clock was ticking. Amazingly, though, the Alliance persisted, largely by transforming itself. It staved off a challenge from a proposed European Union Defense Force, which might have supplanted it; provided an institutional framework for continued U.S.
Alexis de Tocqueville once wrote that all the great events of the past 700 years—from the Crusades and English wars that decimated the nobles, to the discovery of firearms and the art of printing, to the rise of Protestantism and the discovery of America—had the ineluctable effect of advancing the principle of equality. Political scientist Samuel Huntington went further and identified several historical waves of democratization. The First Wave began with our own revolution in 1776, which was quickly followed by the French Revolution.
The president has found his fall guy, his collective fall guy, for his failure to see that several sort-of U.S. allies were in terrible trouble: The intelligence community, we are now told, was to blame. But the truth is that, if anyone is at fault for misreading the Arab world, it is Barack Obama himself. Not that many other presidents and their administrations have seen these realities clearly. (John Foster Dulles, secretary of state to Dwight Eisenhower, believed he could transform the Egypt of Gamal Abdel Nasser from a Soviet satrap into a pro-Western republic.
The wave of popular unrest that has spread across the Arab world in recent weeks, toppling the regime in Tunisia, creating the mass protests in Egypt, and leading other governments in the region to scramble to choke off similar eruptions, has evoked images of 1989, when Communist governments fell like dominoes in Eastern Europe. Like today, those earlier events unfolded with surprising speed, catching the West (as well as the oppressive regimes) off guard. But President George H.W.
How many times have we heard that the nation state is passé? That borders have disappeared, that distance is dead, that the Earth is flat, that our identities have become global, that politics transcends national boundaries, that the decisions shaping our economic lives are now made by multinational corporations and faceless international bureaucrats? And yet look at the way events have unfolded as the global financial crisis engulfed the world. Who bailed out the global banks to prevent the crisis from becoming even more cataclysmic?
In the circles in which I move there are many people who are quite snarky about Nobel Laureate Paul Krugman. I've never really understood why. Maybe it’s just because he wants higher taxes than they do. But as an explicator of economic realities he as good as they come. And in a New York Times Magazine essay about the grim financial status of contemporary Europe he has made it all crystal clear. Most of the members of the European Union have made a tremendous mess of their fiscal situation, and many are in desperate trouble or near- desperate trouble looking into the future.
I am no fan of the European Union. It is an artificial contraption, run by the corporate and bureaucratic elites of the continent, without democratic sanction because the various peoples subsumed under its rule themselves see that it is without democratic values or ambitions. Had it at least energized the economies of Europe there might be some raison d'être for its intrusive rules which wreak havoc with every member nation's culture and identity. The fact is, however, that the prosperous countries are still more or less prosperous, some paradigmatically so.
On December 19, citizens in the former Soviet republic of Belarus will head to polls to vote in the country’s presidential election, the fourth since 1994. But Belarusians don’t have any real hope of unseating incumbent Alexander Lukashenko, who has ruled the country with an iron fist since winning the presidency 16 years ago. Widely known as “Europe’s Last Dictator,” Lukashenko has cracked down on independent media, routinely broken up public protests, and “disappeared” prominent opposition leaders.
A verdict in the trial of Mikhail Khodorkovsky—formerly Russia’s richest man and the founder of what was once the country’s largest private company, Yukos—is due to be read on December 15. Yet long before November 2, when Judge Viktor Danilkin of the Moscow Khamovnichesky District Court heard the final statements of prosecution and defense, adjourned the trial, and withdrew to his chambers to deliberate, the Moscow rumor mill had churned out a spate of likely sentences. They range from acquittal to the 14 years that the prosecutors asked for.